LucasVarity

LucasVarity plc was a UK automotive parts manufacturer, created by a merger of the British Lucas Industries plc, and the North American Varity Corporation in August 1996.

History

LucasVarity traces its history back to the 1850s when Joseph Lucas, a jobless father of six, sold paraffin oil from a barrow cart around the streets of Hockley. In 1860, he founded the firm and his 17-year-old son Harry joined the firm around 1872.[1] At first it made general pressed metal merchandise, including plant pot holders, scoops and buckets, and later in 1875 lamps for ships. Together with the historic Canadian farm equipment maker Massey Ferguson the company was formed in August 1996, by the merger between what was then called Lucas Industries plc and the North American Varity

Foundation

At the time of the merger, Lucas employed 46,000 people compared with Varity's 9,000.[3] LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team", said LucasVarity Chief Executive Victor A. Rice.[3]

Attempted relocation to the United States

In 1998, the management attempted to shift the company's head office and primary listing to the United States. The company suffered an embarrassing defeat in a shareholder vote, amid claims that its directors were looking to cash in on the much higher pay packets available in the United States. Victor Rice suffered a barrage of criticism from shareholders and the British media.[4]

Subsequent history

TRW quickly sold Lucas Diesel Systems to Delphi, which was then a USA based automotive parts and systems manufacturer with a large presence in Europe, during January 2000. The diesel fuel injection equipment research, engineering and manufacturing business of Lucas, known in later years as Lucas Diesel Systems Ltd (and previously CAV Ltd) continues at all of its original worldwide sites (with the exception of those in Japan and South Carolina, USA which had closed by this time). The business name has been changed to Delphi and the business is a major part of its Powertrain Division.[6]

Lucas Aerospace (by then called TRW Aeronautical Systems) was sold to Goodrich Corporation,[7] which itself is now part of UTC Aerospace Systems.

TRW itself was later acquired by Northrop Grumman, who sold the automotive assets of Lucas, Varity and TRW's own automotive group to the Blackstone Group as TRW Automotive.[8]

traded as	LSE: LCV NYSE: LCV TSE: LCV
fate	Acquired
successor	TRW Inc.
foundation	1996
defunct	1999
location	United Kingdom
industry	Automotive and aerospace
key people	Victor A. Rice
products	Braking, diesel systems, diesel engines electrical, aftermarket and aerospace systems
num employees	55,000
subsid	Lucas CAV/Simms/RotoDiesel/Condiesel, Girling, Lucas Automotive, Lucas Aerospace, VarityPerkins

History

Foundation

Attempted relocation to the United States

Sale to TRW

Subsequent history

Operations

References